Innovative Energy Storage Solutions for Sustainable Growth

Innovative Energy Storage Solutions for Sustainable Growth

Canadian Solar Inc. (the "Company" or "Canadian Solar") (NASDAQ: CSIQ) is poised to make significant strides in renewable energy technology through its e-STORAGE division. With a recent contract signed with Colbún, a prominent Chilean power generator, e-STORAGE will supply a 228 MW/912 MWh Battery Energy Storage System (BESS) for the Diego de Almagro Sur project in Chile's Atacama Region.

As part of this exciting project, e-STORAGE will utilize the advanced SolBank 3.0, featuring lithium-iron-phosphate battery technology and a sophisticated battery management system that ensures peak performance and safety. This cutting-edge solution also includes local project management and long-term maintenance services, showcasing a fully integrated approach to energy storage.

Construction of the Diego de Almagro Sur BESS Project is set to kick off in mid-2025, creating approximately 150 jobs during peak activity. This project aims to be operational by late 2026, offering enough capacity to meet the energy needs of about 55,480 households. It will be co-located with the existing 232 MW solar park that Colbún has successfully run since 2022, enhancing the overall efficiency of the solar energy produced.

In addition to its energy storage capabilities, the Diego de Almagro Sur project will provide essential grid services such as black start capabilities and inertia support, aiding in the integration of more renewable sources into Chile's national grid. The project is designed to create local employment opportunities and foster economic growth in the Atacama Region, reinforcing Colbún’s commitment to sustainable development.

José Ignacio Escobar, the CEO of Colbún, remarked, "This partnership with e-STORAGE establishes us as a front-runner in Chile's energy storage landscape. We are committed to providing our industrial clients with reliable, renewable energy, aligning with our vision for a sustainable future that prioritizes security and competitive energy solutions."

Colin Parkin, President of e-STORAGE, added, "This project illustrates our commitment to supporting Colbún in advancing Chile's energy transition. The Diego de Almagro Sur BESS Project marks a pivotal moment for e-STORAGE in Latin America, reinforcing our mission to contribute to renewable energy strategies while also ensuring grid reliability and continuous industrial supply."

Company Overview

Canadian Solar is one of the leading entities in the global solar technology and renewable energy sector. Established in 2001 and based in Kitchener, Ontario, the Company excels in manufacturing solar photovoltaic modules, providing battery storage solutions, and developing large-scale solar energy projects. Over its 24-year history, Canadian Solar has delivered nearly 150 GW of high-quality solar modules worldwide. Their subsidiary, e-STORAGE, has distributed over 10 GWh of battery storage solutions globally, boasting a substantial contracted backlog, indicative of their market strength.

The company’s development endeavors include approximately 11.5 GW of solar power projects and 4.5 GWh of battery storage. Its diverse project pipeline includes a significant capacity across global markets, reflecting Canadian Solar's robust presence and credibility in the renewable energy industry since its public listing on the NASDAQ in 2006.

e-STORAGE: Key Player in Energy Storage

As a subsidiary of Canadian Solar, e-STORAGE focuses on designing and integrating battery energy storage systems for utility applications. With impressive manufacturing capabilities that allow for an annual output of 20 GWh, e-STORAGE is also at the forefront of enhancing grid operations with innovative solutions tailored to optimize energy efficiency.

Colbún: A Leader in Renewable Energy

With nearly four decades of experience in power generation, Colbún S.A. serves a wide array of industrial clients while employing approximately 1,200 individuals. The company operates power plants with an installed capacity exceeding 5,000 MW and is progressing with several renewable projects, focusing on solar, wind, and energy storage. These initiatives are part of Colbún’s broader strategy, which includes ventures into hydrogen production and advanced water treatment solutions.

Frequently Asked Questions

What is the role of e-STORAGE in energy solutions?

e-STORAGE specializes in designing, manufacturing, and integrating battery energy storage systems, helping enhance grid reliability and energy efficiency.

How will the Diego de Almagro Sur project contribute to the local economy?

This project is expected to generate substantial local employment opportunities and stimulate economic growth in the Atacama Region.

What technology does SolBank 3.0 use?

SolBank 3.0 utilizes lithium-iron-phosphate battery technology combined with an advanced management system for improved performance and safety.

When is the projected operational start for the Diego de Almagro Sur project?

The project aims to begin commercial operations in late 2026, following its construction period starting in mid-2025.

What vision does Colbún have for renewable energy?

Colbún aims to drive a responsible energy transition, ensuring renewable energy is secure, continuous, and competitive for its clients.

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